Here, Gary Parker reflects back on his recent sale and what it was like to be a vendor.
Which consultant in Dental Elite did you work with?
“It was Katrina Graham that I worked with.”
Was she in regular contact?
“Absolutely – there were no issues at all with communication as far as I am concerned.”
What was your biggest fear prior to marketing the practice for sale?
“For me, my biggest fear was never about the transaction itself, but what I am going to do with myself now that I am retired! I’ve got a lot planned for this year, but the transition from working full time to having a lot of free time on my hands takes some getting used to.”
How quickly did you accept an offer?
“When I received the offer that would eventually go on to be the successful bid, it took me about three weeks to accept as there were still other prospective buyers booked in to view the practice, and I felt it was only fair to honour those agreements.”
What was the most challenging part of your sale?
“I have to say that the most challenging part of the sale was dealing with the solicitors – particularly those on the buyer’s side. The process of arranging the due diligence documents and all the other paperwork seemed never ending, so it was a very trying experience.”
What advice would you give to future sellers?
“My biggest piece of advice is that sellers need to be patient during the process – the transaction can take a very long time, so it is vital that you remain tolerant at all times. That’s not to say that you won’t get to a point in the process where you just want it all to be over, because you likely will, but if you are prepared to be in it for the long-haul you will cope much better.”
How did you find the agent buffer between solicitors, the buyer and yourself?
“The main benefit was that Katrina was able to jolly the buyer’s party along, which is a task that is beyond a vendor’s reach during a sale.”
Why did you choose Dental Elite over others?
“I chose Dental Elite as they were recommended to me by a colleague, and I am very pleased with my decision as they did exactly what they promised to do.”
When did you tell your staff?
“I didn’t tell the staff until the day of completion, which was very difficult for me as I am more of an open book, but it was one of the conditions of the sale so it was a necessary action.”